PLDT Inc. on Tuesday said it may exceed its core profit target this year, boosted by its wireless and data businesses.
“I think 2019 would be better. I think we’ll be better than P26 billion [core profit target],” PLDT chairman and president Manuel Pangilinan told reporters Tuesday at the sidelines of the stockholders’ meeting.
PLDT’s core net income, excluding Voyager operations, rose 2 percent to P24 billion in 2018.
“The numbers are looking good, fueled mainly by growth of wireless side. Wireless [segment] surprisingly upside,” he added.
After stabilizing revenues in 2017, the Wireless Consumer Group posted a 7-percent increase to P62.5 billion in 2018, a clear break from several years of revenue declines.
The Enterprise and Home Groups each raised revenues by 10 percent to P38.4 billion and P36.4 billion, respectively. Broadband and data revenues grew 37 percent to P90.2 billion.
The company’s consolidated service revenues grew 2 percent to P145.8 billion in 2018.
PLDT’s reported a net income of P18.9 billion in 2018, up 41 percent from the previous year as the costs of the company’s network swap was much less than in 2017.
“To establish network superiority, we undertook a record-setting capital expenditures program in 2018 with a total investment of P58.5 billion,” Pangilinan said.
To keep building on its growth momentum, Pangilinan said capex in 2019 would hit a new high of P78.4 billion.
“We are doing this to strengthen our existing network advantage in PLDT’s fiber-powers fixed broadband and Smart’s LTE and LTE Advanced mobile broadband services , which we expect to translate to better customer experience and consequently higher revenues,” Pangilinan said.
“In addition, we are also developing excising new capabilities in 5G,” he added.
Earlier, PLDT signed a three-year contract with global technology leader Cisco to modernize its fiber network and prepare for 5G services in the country.